To enter a recurring journal, go to Financials, Transactions, Journals. This will bring up the standard journal entry screen with areas to enter the Header and Detail information.
Recurring Journals can be set up for entering any Nominal Transactions which are of a repetitive nature, and which reference the same Nominal Accounts each time they are posted. They can be set up so that they recur at any intervals that you require. These Journals can only be posted manually using the Recurring function. To do this:
Select the Options tab under the Header section.
Select the Recurring Transaction option.
Selecting the Recurring Transactions tick box, extra fields are displayed under the Recurring tab.
Note: This also applies for VAT Journals, as the transaction windows are similar.Under the Recurring tab, further details can be filled in as required.
The Template option can be used to save the journal being created as a template which can be used in future without having to re-enter the same details for fields that will remain to be regular.
Depending on whether the Working Periods feature is enabled and on your Security Profile permissions, it may be possible for you to continue to post financial changes, for month end procedures, even after the Posting Period has been advanced; in this situation, the Period becomes a drop-down and you can select the appropriate period you require.
Some definitions of the fields are provided below -
Batch Ref.: Recurring Journals are by default batched, as they are held in the Batch screen, and used to generate the required number of Journals.
First Posting: The exact Date that you want to post the journal on.
No. of Postings:The number of times in total a recurring journal can be posted. You can set the Journal to recur every so many Weeks or Months, as desired. You have the further option of generating a Reversing Journal, either when the Recurring copy is posted, or at the end of each Period in which a copy was Posted.
Posting every: This is used to set how often the Journal will be posted. This can be set to Months or Weeks.
Postings per Period: This is the number of times a journal can be posted in one period. Should you exceed this number of postings per period - a warning message will generate from the recurring batch.
Reversing options: These are Recurring Journals that have had the Reverse option selected. They can be reversed either when the Journal is Posted from the Batch, or at the end of each Period in which a posting was made.
Note: If you wish to stop a Recurring Journal, you should Edit it in Recurring.Do not Reverse: Stops any automatic reversal of the Journal.
Reverse at Period End: As part of the Period End processing, a Reversing Journal of equal but opposite value will be generated.
Reverse when Posted: A Reversing Journal will automatically be generated when this Journal is posted. This means that the system posts into two Periods at the same time.
Template: Tick this option if you want to save the Journal you have created (or creating) to then be used as a Template for creating new Journals, so that once the Journal has completed its posting run, it can be duplicated rather than re-keyed.
Processing Recurring Journals
Once the information has been entered and saved in the Nominal Journal Window, you can process the recurring journal by following the steps below:
Go to Financials, Transactions, Post Recurring Journal Batch
Click Search to show all items and filter if necessary
Tick the box(es) on the left-hand side for the Journals that you wish to process, click on the Popover to edit the journals if figures or details need to be changed.
Select 'Post Batch' to begin processing
The next window will show a list of the journals selected. At the top of the screen, you will see two options, a tick box for ‘Use Next Posting Date’ and a year and period option.
Use Next Posting Date will select the period based on the date irrespective of the period selected.
Year and Period will post the transaction to the selected period irrespective of dates.
Select the required posting option and Click Save to Process and post.
Note: From the Popover menu in the post batch screen, the user can also Delete the journal or Complete the Journal if no longer required or completed early.